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The main objective behind the inception of the cryptocurrency concept was an answer to the existing regular financial and banking structures and to benefit people by getting an opportunity to access money. Bitcoin is the first cryptocurrency that got introduced to the world economy by a mysterious person named Satoshi Nakamoto. The growth of this foremost cryptocurrency paved the wave of digital money that did not get limited only as an investment, but also as a hedge against inflation.
Those who are newly introduced to the crypto world might find it mysterious what draws investors towards this new decentralized form of money to the extent that they spend so much of their hard money to invest in them in millions. Well, at the current stage, it is evident that these digital assets comprise a major portion of investor portfolios.
The ongoing use of cryptocurrencies as payment mode by big companies became a concerning matter for the governments. It is all because the policymakers fear that the continuous rise of the decentralized market will eclipse their power in creating and providing money.
What if blockchain technology had never happened, and Bitcoin came to a thumbs down?
There must be something that regulators are so inquisitive in imposing their set structure and in the end deprive investors of taking interest in the cryptocurrency market and fundamental data. In the current economic scenario, Bitcoin has become a popular name in the digital world. But ever imagine about Bitcoin a thumbs down?
Well, this is something we can imagine adversely. These questions might appear scary on Bitcoin weightage. But the bitter truth is they must be prepared for such a negative situation. And this is all because the main issue with cryptocurrencies including the major one Bitcoin is volatility.
No matter, whether this crypto market has made multiple high records, still, there is a fear regarding long-term successive plans. Many financial experts and economists are expressing caution about what results would cryptocurrencies bring to the market. Plus, there might be the possibility of the collapse of blockchain technology and Bitcoin anytime.
Is it possible to expect the failure of blockchain and Bitcoin, despite their global popularity?
This might seem a tricky question, as there have been popular supporters like Elon Musk, the founder and CEO of Tesla Motors. His tweets became an advantage for Dogecoin, which began its journey as a crypto meme joke but became a popular cryptocurrency after getting support from Elon Musk.
His tweets made an impact on crypto investors. But such incidences are not enough to justify the fact that cryptocurrencies do not get support from policymakers because they are prone to high volatility. The volatility of the dominant crypto coin is one such reason that signifies its popularity.
The more it is preferred by big institutions and individuals preferring Bitcoin, it becomes more slower and costly. There are no specific reasons defining the preference of Bitcoin by those who are interesting in buying the crypto. Besides not providing true anonymity, Bitcoin has failed in its other objectives. Still, the crypto king has maintained its dominance as a speculative investment.
Even if we expect Bitcoin to crash down, the same cannot be expected in the case of blockchain technology. And it is because this digital ledger technology provides multiple advantages to businesses around the globe. This makes them conduct secure transactions, which otherwise would have never been possible. If we imagine the non-existence of blockchain, then returning to old means of transactions would result in risking the customers’ privacy.
In the end, if both Bitcoin and its underlying technology end. Then this would prove a disaster for those who have invested millions. It would also be bad for businesses for conducting crypto-based operations. Adding more to it, this will also come as devastating for those nations. Who have welcomed Bitcoin and have accepted it as legal tender.
Attempts to curb cryptocurrency by anti-crypto governments
There have been efforts made by ruling governments in countries where the trading of cryptocurrency is restricted. They impose tough legislation in curbing the global crypto market, and attempts are being made to make investors abstain from buying cryptocurrencies. China is one big example that has banned crypto dealings. But no matter how hard these anti-crypto governments try to bring down new decentralized money. It is not coming to an end sooner. Plus, the time of kingship no more exists today, as there is democracy now.
Final words
Now since cryptocurrency has been a popular monetary concept today. It is hard to think about the crashing of blockchain technology and Bitcoin. Even if the latter crypto collapses, still, there will be no effect on its underlying technology. Blockchain will continue to survive because it has offered much to industries and businesses. Institutes are providing special courses on this digital ledger technology to young aspirants. Who wants to make a lucrative career in the crypto industry.
